Business / Companies
Implats contests Zimbabwe land grab
06 Mar 2013 at 04:41hrs | Views
Impala Platinum Holdings Limited says it will engage its lawyers on the recent compulsory acquisition of 28 000 hectares of Zimplats platinum reserves by the government of Zimbabwe.
In a statement issued on Tuesday to its shareholders, Implats which partly owns platinum giant Zimplats announced its intention to engage its lawyers on the compulsory acquisition, adding that the company remains in consultation with relevant government departments.
The statement by Implats follows the gazetting of a General Notice 123 of 2013 giving effect to the compulsory acquisition of the platinum reserves.
According to the General Notice 123 of 2013, in terms of Section 398(1) of the Mines and Minerals Act chapter (21:05), the President intends to acquire compulsorily part of the land held by Zimplats Holdings Limited under Special Mining Lease Number One for the utilisation of such mining location for the benefit of the public.
The intention by Implats to engage its lawyers and to possibly contest the acquisition of the claims is in line with the government's gazette which states that in terms of Section 5 of the Land Acquisition Act 20.10, any person having an interest or right who wishes to contest the acquisition should lodge a written objection with the acquiring authority within 30 days of publication.
The 28 000 hectares repossessed by the government are set to be opened up to new investors who are willing to mine platinum.
The move is also part of the government's 'use it or lose it' concept which seeks to curb speculative tendencies among investors.
In a statement issued on Tuesday to its shareholders, Implats which partly owns platinum giant Zimplats announced its intention to engage its lawyers on the compulsory acquisition, adding that the company remains in consultation with relevant government departments.
The statement by Implats follows the gazetting of a General Notice 123 of 2013 giving effect to the compulsory acquisition of the platinum reserves.
The intention by Implats to engage its lawyers and to possibly contest the acquisition of the claims is in line with the government's gazette which states that in terms of Section 5 of the Land Acquisition Act 20.10, any person having an interest or right who wishes to contest the acquisition should lodge a written objection with the acquiring authority within 30 days of publication.
The 28 000 hectares repossessed by the government are set to be opened up to new investors who are willing to mine platinum.
The move is also part of the government's 'use it or lose it' concept which seeks to curb speculative tendencies among investors.
Source - zbc
